₦airaland Forum

What is the meaning of under recovery sef,Nigeria fg too like wayo.

chigoziri2403:
I buy fuel @150 naira here in owerri,
nnpc is being economical with the truth

Thants to let you know how fraudulent you guys are in the east.

It has nothing to do with NNPC

Basher8583:
Thants to let you know how fraudulent you guys are in the east.

It has nothing to do with NNPC

No, it is not fraud.

The person selling at N150 is doing so because he cannot afford to sell fuel at N145 and make a decent profit to pay staff, and stay in business.

Inasmuch as NNPC claims that they can sustain the N145 via underrecovery....the increase in landing costs is making things difficult for depot owners and marketers. So, prices go up whether NNPC or DPR like it or not.

Even those who are 'legitimately' selling at N145 are struggling.

Venezuela uploading. We are borrowing massively to sustain this subsidy scam... how sustainable is this, a silent time bomb is ticking and we are all speaking big grammar...

I hope so, cos when all this dragging of price increase or not happens, there is certainly something going to happen soon

Basher8583:
Thants to let you know how fraudulent you guys are in the east.

It has nothing to do with NNPC

I hear,open a filling station and make a profit of 3 naira then we will see if you will smile......

tactius:
No, it is not fraud.

The person selling at N150 is doing so because he cannot afford to sell fuel at N145 and make a decent profit to pay staff, and stay in business.

Inasmuch as NNPC claims that they can sustain the N145 via underrecovery....the increase in landing costs is making things difficult for depot owners and marketers. So, prices go up whether NNPC or DPR like it or not.

Even those who are 'legitimately' selling at N145 are struggling.

Please lets not talk like this. If the business is not profitable then why is he doing it. The depot give them at a fixed price which is lower than N145. If its the depot cheating them by increasing their price then that a localised problem as im aware this fraudulent act is prevalent in the east. And like I said ..it has nothing to do with nnpc

Bizibi:
I hear,open a filling station and make a profit of 3 naira then we will see if you will smile......

Are there no other business to do. Everywhere is flooded with filling stations becos they are patiently waiting for that scarcity to make stupid profit. Now to do legitimate business in a time of normal fuel availability is becoming a problem for them.
Fvck them all. I call them Mushroom filling stations that were created for fraudulent purposes.

Basher8583:
Please lets not talk like this. If the business is not profitable then why is he doing it. The depot give them at a fixed price which is lower than N145. If its the depot cheating them by increasing their price then that a localised problem as im aware this fraudulent act is prevalent in the east. And like I said ..it has nothing to do with nnpc

Landing costs are going up...and this is pushing up depot costs.

NNPC is in essence keeping costs down from its own purse...but the rising landing costs are making it difficult.

Some depots are selling at N145....of course a marketer ain't gonna buy from depot at N145 and sell at N145. Zero profit.

ProsperChild:
Fuel will continue to sell for N145 per litre –NNPC
punchng.com Apr 18, 2019 3:25 AM

Group Managing Director of the NNPC, Dr. Maikanti Baru
Everest Amaefule, Abuja

Despite increased landing cost of petroleum products, Premium Motor Spirit will continue to sell at N145 per litre, the Nigerian National Petroleum Corporation has said.

In a telephone interview with our correspondent in Abuja on Wednesday, NNPC Group General Manager, Public Affairs, Mr Ndu Ughamadu, said that the corporation would continue to bear the cost of under-recovery of petrol through other sources.

Ughamadu said, “The Federal Government has made it clear; petrol will continue to sell at N145 per litre. NNPC is not operating subsidy. What we have done is under-recovery of which we make up from other sources.

“Yes, the under-recovery will continue. The corporation plays many roles in the country. We are an importer of the last resort where others refuse to import.

“We equally operate in a social regime to make sure that the system gets wet with products because if the corporation is not doing that as part of its responsibilities, you can imagine what the system will look like.”

Meanwhile, the NNPC on Wednesday denied that it had spent $22bn on the Brass LNG project.

In a statement made available to our correspondent in Abuja, Ughamadu said that the corporation had spent $1.2bn on the project.

Ughamadu said that the corporation made the clarification at the House of Representatives Ad-hoc Committee investigating the expenditure.

The statement quoted the General Manager, New LNG Venture of the NNPC, Ahmed Dikko, as telling the committee that the $1.2bn was about the total money spent so far by the various shareholders to get the project to its current stage.

Dikko said, “This sum included the cost of acquiring project land, which covers approximately 606 hectares, cost of early works contract, Front End Engineering Design, Pre-FEED Concept Evaluation Study, Project Environmental Impact Assessment comprising both onshore and offshore studies, dredging, EIA activities and ambient noise survey, displacement and settlement action plan, cultural site heritage study, staff and administration project cost from inception, and sustainable development cost, among others.”


https://punchng.com/fuel-will-continue-to-sell-for-n145-per-litre-nnpc/amp/

Apc n deciet, thinking they can use sweet tongue to confuse everyone,what is subsidy or under recovery?,are they not meant to serve the same purpose or is it the change in name that's so much of an achievement?,the government is now paying more for the so call under recovery than the pdp were paying for subsidy and there is nothing to prove that the current under recovery regime itself is not ridden with corruption so what?, even the daily consumption amount of fuel which form the basis for the payment of the under recovery itself is dubious,you can't fool everyone all the time except the zombies.

Basher8583:
Are there no other business to do. Everywhere is flooded with filling stations becos they are patiently waiting for that scarcity to make stupid profit. Now to do legitimate business in a time of normal fuel availability is becoming a problem for them.
Fvck them all. I call them Mushroom filling stations that were created for fraudulent purposes.

hehehehehehe........do a research and don't be ignorant.

The National Assembly should wake up and get a committee to openly question NNPC on how they are paying subsidy.

some time in December, 2015/ January, 2016, when PMS was sold for N86 pl, the FG made this same statement.


by April/may 2016, fuel was increased to N145...


believe this 'regime' at your own peril...

Bizibi:
hehehehehehe........do a research and don't be ignorant.

Dont quote me again...I scold children like you as I dont have time engaging your social media filled brain intelligence. you are the reason why Buhari called youths lazy. You dont sound like one who is capable of a basic research let alone a complex one.

tactius:
Landing costs are going up...and this is pushing up depot costs.

NNPC is in essence keeping costs down from its own purse...but the rising landing costs are making it difficult.

Some depots are selling at N145....of course a marketer ain't gonna buy from depot at N145 and sell at N145. Zero profit.

Are you a depot owner?
Here in SW price of fuel is stable and also competitive

I keep saying it. That East is full of scammers, fraudsters and get rich quick mentality people.
See how they are milking you without any complaint.
No wonder the easterners are very frustrated. You guys are the ones doing yourself due to dishonesty.
I can also see why lots of easterners migrate out of that zone

tactius:
Since we import most fuel into the country,(90%) and since landing cost of fuel is N180....the price would jump up to N200 and above

That is politically expensive, and that is why no government in Nigeria would remove subsidy, despite it being so corruption ridden. Nigerians may complain about the corruption in the subsidy regime, but since it means prices are kept low....they would rather allow subsidy to be maintained.

As for the other sectors...

1.Roads are bad...but the solution...putting toll gates and using the revenue generated to fund repairs ....politically expensive.

2.Education? In the 1970's and 80's...government took over many private schools, including mission schools, and built new ones. Now the chickens have come home to roost...too many schools all being run on a budget less than one trillion naira yearly (to show you how bad it is...universities alone need at least N1.5 trillion in EXTRA funding yearly according to the terms of the ASUU FG 2009 agreement).

Fees and the tax rate have to go up to supplement funding...but again not popular. Feeding programmes are good...and are visible, and relatively easy to fund.

you are very wrong on the school feeding programme being easy to fund.

the programme, like all mass/public welfare schemes, are major drain pipes on any economy because expenses are made in areas that do not contribute anything to the economy.

a better use of the fund would have been to ensure the standard of education is improved upon (equip schools, recruit adequate manpower, revamp the school curriculum to meet up with modern demands, re-engineer the technical schools to encourage private entrepreneurship, put performance incentives in place to motivate students etc) & the economy is bouyant enough so that the parents can feed thier own kids & send them to schools where they can get real value for money.

Basher8583:
Thants to let you know how fraudulent you guys are in the east.

It has nothing to do with NNPC

and how you guys are all book haram in the north

who is in charge of monitoring, and what have nnpc done to clamp down on errant stations

Basher8583:
Dont quote me again...I scold children like you as I dont have time engaging your social media filled brain intelligence. you are the reason why Buhari called youths lazy. You dont sound like one who is capable of a basic research let alone a complex one.

hehehehehehe,if you want to know more about subsidy I can take you to GMD of nnpc if you wish,you think some of us here are kids,smh......because this is an anonymous forum you think you can term all of us kids.when I open your eyes about this under recovery, you will catch cold.me lazy youth, hahahahaha

Bizibi:
hehehehehehe,if you want to know more about subsidy I can take you to GMD of nnpc if you wish,you think some of us here are kids,smh......because this is an anonymous forum you think you can term all of us kids.when I open your eyes about this under recovery, you will catch cold.me lazy youth, hahahahaha

With all said you still sound like a kid. Please quote me next time you are ready to sound intelligent.

Bizibi:
hehehehehehe,if you want to know more about subsidy I can take you to GMD of nnpc if you wish,you think some of us here are kids,smh......because this is an anonymous forum you think you can term all of us kids.when I open your eyes about this under recovery, you will catch cold.me lazy youth, hahahahaha

With all said you still sound like a kid. Please quote me next time you are ready to sound intelligent

Bizibi:
hehehehehehe,if you want to know more about subsidy I can take you to GMD of nnpc if you wish,you think some of us here are kids,smh......because this is an anonymous forum you think you can term all of us kids.when I open your eyes about this under recovery, you will catch cold.me lazy youth, hahahahaha

With all said you still sound like a kid. However to be fair, you can quote me next time you are ready to sound intelligent

Bizibi:
hehehehehehe,if you want to know more about subsidy I can take you to GMD of nnpc if you wish,you think some of us here are kids,smh......because this is an anonymous forum you think you can term all of us kids.when I open your eyes about this under recovery, you will catch cold.me lazy youth, hahahahaha

With all said you still sound like a kid. However to be fair, you can quote me next time when you are ready to sound intelligent

Basher8583:
With all said you still sound like a kid. Please quote me next time you are ready to sound intelligent

smh....I know your type and Ohh I forgot you are a buharist,I really wasted my time.